[Form 4] Citizens, Inc. Insider Trading Activity

Rhea-AI Filing Summary

On June 17–18, 2025, Citizens, Inc. (CIA) director Terry Sam Maness filed a Form 4 disclosing routine equity incentive activity:

• New grant: 12,012 restricted stock units (RSUs) awarded on June 17, 2025, scheduled to vest on June 17, 2026.
• RSU conversion: 14,035 RSUs granted on June 18, 2024 converted into an equal number of Class A common shares on June 18, 2025 (transaction code M).
• Post-transaction ownership: 48,164 Class A shares held directly plus 12,012 unvested RSUs.

The filing reflects internal compensation events with no open-market buying or selling. While the director’s direct share count increased, the transactions are non-cash and typical for equity-based compensation, implying only a modestly positive alignment signal for shareholders.

Positive

• Director acquired 14,035 Class A shares through RSU conversion, boosting direct holdings to 48,164 shares without selling any stock.
• Grant of 12,012 new RSUs extends the director’s equity incentive, reinforcing alignment with long-term shareholder value.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine RSU grant and vesting; director now owns 48,164 shares—minorly positive, but unlikely to move CIA’s valuation.

The Form 4 shows standard equity-compensation mechanics rather than discretionary buying or selling. The award of 12,012 new RSUs extends the director’s incentive horizon to mid-2026, and the conversion of 14,035 RSUs into shares modestly lifts direct ownership. Because no shares were sold, the filing may be read as a small vote of confidence. However, the scale is modest versus CIA’s public float, and the transactions carry a zero-dollar exercise price, limiting immediate cash exposure. Overall impact on valuation, liquidity, or governance risk is minimal; investors may note the continued shareholder-alignment but should not expect price action solely from this disclosure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MANESS TERRY SAM

(Last) (First) (Middle)

11815 ALTERRA PARKWAY, SUITE 1500

(Street)

AUSTIN TX 78758

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CITIZENS, INC. [ CIA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Citizens, Inc. Class A Common Stock	06/18/2025		M		14,035	A	(1)	48,164	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	06/17/2025		A		12,012		(2)	(2)	Class A Common Stock	12,012	$0	12,012	D
Restricted Stock Units	(1)	06/18/2025		M			14,035	(3)	(3)	Class A Common Stock	14,035	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents a contingent right to receive one share of Citizens, Inc. Class A common stock.

2. On June 17, 2025, the reporting person was granted 12,012 restricted stock units, vesting on June 17, 2026.

3. On June 18, 2024, the reporting person was greanted 14,035 restricted stock units, vesting on June 18, 2025.

Remarks:

	/s/Sheryl Kinlaw, Attorney-in-Fact	06/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Citizens, Inc. (CIA) shares did Terry Sam Maness acquire on June 18, 2025?

14,035 Class A shares were acquired via conversion of previously granted RSUs.

What is the director’s total direct share ownership after the reported transactions?

Following the Form 4 events, Maness holds 48,164 Class A shares directly.

How many new RSUs were granted to the director on June 17, 2025?

The filing lists a 12,012-unit RSU grant vesting on June 17, 2026.

Did the Form 4 indicate any open-market sale of CIA shares?

No. All reported activity involves equity incentive conversions and awards; no sales were disclosed.

When will the newly granted 12,012 RSUs vest?

They are scheduled to vest on June 17, 2026.